NEW YORK — Shares of PVH Corp. slipped in after-hours trading Wednesday following the firm’s posting of first-quarter results that were just shy of Wall Street’s consensus estimates.

This story first appeared in the June 5, 2014 issue of WWD. Subscribe Today.

The shares inched up 0.3 percent Wednesday to close at $130.68 in Big Board trading, but then fell 6.6 percent in early after-market trading on the Nasdaq to $122.

For the three months ended May 4, the company posted $35.3 million in net income, or 42 cents a diluted share, against a $10.3 million net loss, or 13 cents, a year ago. Excluding certain adjustments, such as the integration of The Warnaco Group Inc. and related restructuring charges, plus the costs incurred related to the sale of the G.H. Bass business, among others, net income was $122.1 million or $1.47 a diluted share, versus $155.6 million, or $1.91, a year ago.

Total revenues for the quarter rose 2.8 percent to $1.96 billion from $1.91 billion, which included a 2.7 percent increase in net sales to $1.87 billion from $1.82 billion. The balance of revenues was from royalty income and advertising and other income.

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Wall Street analysts on average were expecting adjusted earnings per share at $1.49 on revenues of $1.98 billion.

Emanuel Chirico, chairman and chief executive officer, said, “We are pleased with our first-quarter results, which were in line with our expectations.…”

He noted that the global macroeconomic challenges in the retail environment from the first quarter have continued into the second three-month period, and said, “[W]e believe our North American businesses will experience margin pressure in the second quarter and we have lowered our full-year earnings per share guidance to reflect this. We will continue to make the previously planned strategic investments, particularly in the acquired Calvin Klein businesses, in order to unlock the full global potential of the Calvin Klein businesses over the long term.”

Chirico explained that the first half of fiscal year 2015 will be pressured by the firm’s strategic investments.

According to the company, revenue in the Calvin Klein business rose 9 percent to $665 million from $608 million. On an adjusted basis, excluding $30 million in sales returns, revenues a year ago for the Calvin Klein business would have been $638 million. In the Tommy Hilfiger business, revenues increased 6 percent to $862 million from $811 million. The increases were partially offset by a revenue decline of 2 percent in the firm’s Heritage Brands business, excluding the $47 million of 2013 Bass revenue.

For the year, the company’s EPS guidance is in the range of $7.30 to $7.40 on a non-GAAP basis, reflecting a $10 million increase in Calvin Klein advertising expense over the prior year. Revenue is estimated to grow 5 percent to $8.5 billion, excluding $176 million in revenues from the Bass business.

For the second quarter, EPS is expected in the range of $1.40 to $1.45 on a non-GAAP basis, with revenues forecasted at $2 billion, excluding $62 million related to the Bass business.

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